Plastic Omnium Group has sold its heavy-duty truck business to mutares
On November 18, 2016, Plastic Omnium Group (“Plastic Omnuim” or the “Group”) received a binding offer from the German group mutares related to the acquisitions of its heavy-duty truck activities. The transaction perimeter of this business segment specialized in the design and manufacturing of body and structural parts for the heavy-duty truck industry which includes nine industrial facilities (five in France, one in Germany, one in Mexico and two in China) and about 1,500 employees. In 2015, the heavy-duty truck business’s revenue amounted to €190 million and represented about 2% of the Plastic Omnium Group’s pro forma revenue.
This transaction, advised by Lincoln International, will allow Plastic Omnium to focus on the design and manufacture of body and structural components and modules for light vehicles, a market in which the recent acquisition of Faurecia’s Exterior Systems business has strengthened the Group’s position as leader, with a 15% worldwide market share.
Félicie Burelle, Strategy and Development Director of the Group, says, “This very competitive process allowed the Group to select the most adequate acquirer that will implement an ambitious offering and industrial project for this heavy-duty truck business, supported by a very complementary product portfolio and multiple synergy opportunities.”
Through subsidiary, STS Acoustics — leader in acoustics and thermal management for the industry — the mutares group aims to become a leading player in the truck market with a turnover of about €400 million.
Géraud Estrangin, Managing Director at Lincoln International in Paris, adds, “We were delighted to represent the Plastic Omnium Group during this complex and ambitious carve-out process involving nine sites located in three continents.”
This announced transaction is undergoing the procedures relating to the staff representation bodies in the countries concerned and then will be submitted to the relevant Competition Authorities. It is expected to finalize during 2017.
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